Romania's Trade Gap Shrinks for Fourth Consecutive Month
Romania's trade deficit in goods has decreased by 10% year-over-year to EUR 2.6 billion in August, marking the fourth consecutive month of negative annual dynamics.
- The deficit in 12 months to August eased to EUR 34.4 billion, down from EUR 35.7 billion in 12 months to April.
- The trade deficit to GDP ratio decreased from 9.9% in April to 9.6% in June and is likely closer to 9% as of August.
According to the data,
weaker consumer demand, already visible in August, is likely to contribute to weaker imports in the coming quarters, while exports' performance still depends on the economic recovery in Europe.
In August, exports rose by 3.6% year-over-year to EUR 6.77 billion, while imports contracted by 0.5% year-over-year to EUR 9.38 billion.
In the 12 months to August, the rise in imports (+4.6% year-over-year) still exceeds the exports' dynamics (+3.1% year-over-year), with the trade gap at EUR 34.4 billion.
Author's summary: Romania's trade gap shrinks for the fourth month in a row.